Review of Emerging Interest-Generating Stablecoin Projects: Different Profit Models

Although the cryptocurrency market is highly volatile, stablecoins have become a relatively mature and large sector, with a total market capitalization exceeding $200 billion. Currently, centralized stablecoins USDT and USDC dominate the market, but there has always been a demand for decentralized stablecoins.

With the success of Ethena's USDe, more and more yield-generating stablecoin projects are emerging. This article will analyze three emerging yield-generating stablecoin projects: Usual, Anzen, and Resolv, exploring their anchoring mechanisms and sources of yield.

Usual: The relationship between politics and business is an advantage

The usual issuance is the RWA interest-bearing stablecoin USD0, backed by short-term government bonds. Users can stake USD0 to earn USD0++, with $USUAL as an additional reward. A major advantage of this project is the strong team background and good relationships with the French political and business circles, which is crucial for addressing RWA regulatory issues.

The token economic model of Usual has certain inflationary properties. The issuance of $USUAL is linked to the TVL of USD0, adopting a decreasing curve, aimed at rewarding early participants and increasing the token's value. Currently, the market value of USD0 has reached 1.4 billion USD, with an APY of up to 50% for USD0++.

Recently, Usual has reached a cooperation with Ethena to accept USDtb as collateral and will migrate some supporting assets to USDtb. This move will make Usual one of the largest minters and holders of USDtb.

Anzen: On-chain Credit Assets

USDz issued by Anzen supports multiple public chains, and the underlying assets are a portfolio of private credit assets. After staking USDz, you can obtain sUSDz and enjoy RWA yields. Anzen collaborates with the US licensed broker Percent, and the portfolio is mainly targeted at the US market, currently with an APY of around 10%.

The project has secured $4 million in seed round financing, with investors including well-known institutions such as Mechanism Capital and Circle Ventures. The ANZ token adopts the ve model, allowing users to lock up and stake to obtain veANZ, participating in the protocol's revenue sharing.

Resolv:Delta Neutral Strategy

Resolv has two products: USR and RLP. USR is a stablecoin minted through over-collateralization of ETH, which can be staked to earn stUSR. RLP, on the other hand, is supported by the over-collateralized assets of USR and is not a stablecoin.

Resolv uses a Delta-neutral strategy to manage collateral. Most of the ETH is deposited in Lido staking, while a small portion is used as futures margin. The sources of income include on-chain staking and funding rates, with 70% allocated to stUSR and RLP holders, and 30% allocated to RLP as a risk premium.

Currently, the APY of stUSR is 12.53%, RLP is 21.7%, and the total TVL has reached 183 million USD. Resolv has recently launched on the Base network and introduced a points activity to prepare for future coin issuance.

Overall, these emerging yield stablecoin projects have adopted different profit models and risk management strategies, providing users with a diverse range of options. As the market develops, the yield stablecoin sector may see more innovations.